UPDATE 1-Bayer looks at options for consumer brands, animal health -sources

* Sale of some consumer health assets planned-source

* Decision on animal health future may come later-source

* Bayer seeks to cut debt in wake of Monsanto takeover (Adds detail, context)

FRANKFURT, Nov 26 (Reuters) - Bayer will discuss selling certain consumer health brands at a supervisory board meeting this week and will also review options for its animal health division, people close to the matter said.

The company will also discuss its longer term strategy at the meeting - including the future of its animal health division - as part of efforts to bolster its finances after its $63 billion takeover of seeds group Monsanto, the people said.

"Bayer is planning to divest consumer health brands in certain countries where it deems its business to be too small to thrive in the long term," one of the sources said.

Bayer declined to comment.

Standard & Poor's cut Bayer's credit rating to triple-B in the wake of the Monsanto deal and Bayer has said it would reduce debt to return to a single A rating over the long term.

The animal health business, the largest maker of flea and tick control products for cats and dogs, needs to grow to compete with larger rivals but Bayer lacks the financial firepower to sponsor big moves, one of the sources said.

While the future of the business will be discussed at the meeting, a formal decision may be taken at a later stage, the person said.

Chief Executive Werner Baumann is scheduled to brief investors on measures to enhance group performance in London on Dec. 5. He also plans to provide a strategic update, issue 2022 targets and give details on the enlarged crop science business after the Monsanto takeover.

(Reporting by Ludwig Burger and Arno Schuetze Editing by Michelle Martin and Jane Merriman)